Resourceful, go-getting personalities across the country are dipping their little toes into the entrepreneurial pool by starting a side hustle. A side hustle is a start-up someone creates in their spare time in order to make extra money and build their dream idea into a real business.The great thing about a side hustle is that owners can run it on the “side” while still securing a monthly salary through their day jobs.
The flip side however, is it requires excellent time management skills, will demand that owners put in nearly all their free time, and sacrifices will have to be made along the way.A side hustle can be as small, or as big, as you want it to be. From selling muffins at busy intersections on weekdays, or before work, to supplying the public with a variety of baked treats for parties. Any hobby, passion or interest can become a suitable side hustle if there is a market for it, and of course, if you have the stamina to make it work.
Top tips to get started:
Tip 1: Make the time
It is essential that you do not get fired at your current job. So don’t let your side hustle interfere with your time, productivity or energy. Prioritise time for your side hustle before or after work and over weekends.
Tip 2: Do research – be different
The only way any new business can succeed is if there is a need in the market for the thing or service they wish to sell. You do not have to be the only baker (for example) in your area in order for your idea to work, but you do need to bring something different to the table. Test out your idea by finding a few paying customers. This is validation that there is a need for something you want to sell.
Tip 3: Start small – keep your overheads low
The key to keeping costs down is by using what you already have. Work from home and use the equipment you already own. Many businesses cannot be started without first having stock, raw materials or a specific piece of equipment but try to purchase these out of savings and opt for second-hand equipment where relevant.
Tip 4: Create clear, achievable goals
The first few months of running a side hustle is euphoric. Your energy almost gives a natural momentum to your daily to-dos. Keep this momentum going by creating clear, achievable goals for multiple months ahead, and save where possible. This growing total will also energise you during times when you feel less motivated.
Tip 5: Market your side hustle
Word of mouth is a great advertising tool but in order to grow you need a steady stream of new customers. Take your side hustle online. A website builder like Site Builder allows you to build and manage your own website for as little as R100 month (domain name and monthly hosting included*). Market your business on social media platforms like Facebook, Instagram and Google Business.
A side hustle doesn't necessarily need to turn into a full-time job, but wouldn’t it be great if it did? In unstable economic times it is better to hold on to stability for as long as possible. With loads of savings and a proper business plan in place the next step could very well be far bigger than you could have ever hoped for.
Domains.co.za is a domain name and website hosting company based in Johannesburg, South Africa. Our versatile range of value-added products are ideally suited for start-ups and small to medium-sized enterprises. Scalable packages make it easy for individuals with a business dream to take their idea online quickly and affordably and grow it from there. *Ts and Cs apply.